Wednesday, 1 April 2015
Last updated 7 hours ago
Feb 1 2013 | 11:56am ET
Porsche Automobil Holding and the hedge funds suing it for market-manipulation have at last agreed on a venue.
The luxury carmaker said yesterday that the matter will be heard on its home turf, in a German court. Its hedge fund antagonists, including Elliott Associates, Glenview Capital Partners, Greenlight Capital and Viking Global Equities, have agreed not to appeal the case's dismissal in New York; in return, Porsche said it would not seek a dismissal on statute-of-limitations claims in Germany if a case is filed within 90 days.
The deal comes just weeks after a New York State appeals court dismissed the case, which accuses Porsche of manipulating the market in Volkswagen shares, secretly acquiring a majority stake before announcing plans to acquire VW; a federal court did the same in 2011. The U.S. courts ruled that they had no jurisdiction.
Porsche said it remains confident that the claims have no merit.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…